FIFO
FIFO assigns the oldest purchase costs to goods sold first.
Example
Sell 15 of (10 @ $10, 10 @ $12): COGS = $160.
Learn and practice it
FIFO costing — Compute cost of goods sold and ending inventory using first-in, first-out.
Open the lessonFIFO assigns the oldest purchase costs to goods sold first.
Example
Sell 15 of (10 @ $10, 10 @ $12): COGS = $160.
Learn and practice it
FIFO costing — Compute cost of goods sold and ending inventory using first-in, first-out.
Open the lesson